Mortgage and Financial News From 2007-11-9 Page 16

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• Ore. man may get life for mortgage fraud

  kgw.com - Clifford Brigham had already been sentenced to three years in federal prison for financial fraud when he launched a scheme that resulted in his conviction for $5 million in mortgage fraud and may end up sending him to prison for the rest of his life ...
  2007-11-09 07:34:00

• Ex-Washougal man convicted in fraud (The Columbian)

  A former Washougal man was convicted Wednesday in federal court of 21 counts of fraud and money laundering in a multimillion dollar mortgage scheme. Clifford J. Brigham, 60, will be sentenced Jan. 16 by U.S. District Judge Anna J. Brown in Portland.
  2007-11-09 09:27:18

• Six area individuals charged in $14 million mortgage fraud scheme (The Kansas City Star)

  A federal grand jury in Kansas has charged six Kansas City area individuals in a $14 million mortgage fraud that preyed on low-income homebuyers.
  2007-11-08 11:02:27

• Oregon mortgage fraud conviction could be for life (Argus Observer)

  PORTLAND — Clifford Brigham had already been sentenced to three years in federal prison for financial fraud when he launched a scheme that resulted in his conviction for $5 million in mortgage fraud and may end up sending him to prison for the rest of his life.
  2007-11-09 10:47:19

• MGIC, PMI Surge After Old Republic Takes Stake in Each Company

  Bloomberg - The companies help lenders recoup losses when borrowers don't pay. Old Republic, based in Chicago, owns the sixth-largest U.S. mortgage insurer. ``They certainly know the mortgage insurance business because of their Republic Mortgage ...
  2007-11-09 09:50:00

• Miami, Puerto Rico Scrap Borrowings as Munis Fall a Third Week

  Bloomberg - In postponing its offering, Government Development Bank of Puerto Rico officials cited ``market volatility and uncertainty caused by the insurance companies situation in general and issues related to'' subprime-mortgage losses, Maria Rosario ...
  2007-11-09 08:53:00

• Markets stomped by mortgage woes

  CNN Money - ... for the week, as Wachovia and the government-backed Fannie Mae became the latest victims hit by the fallout in the mortgage ... Stocks have sold off as traders worried about the wider economic impact of losses at financial companies and the growing ...
  2007-11-09 09:14:00

• ALL BUSINESS: Boards at Citigroup, Merrill Lynch fail on succession ...

  CNBC - To start, they didn't have a handle on the risks from their companies' heavy exposure to mortgage-related assets. When the going was good, that lack of understanding didn't matter. Big profits blinded everyone, including the directors and shareholders ...
  2007-11-09 10:04:00

• Russell 2000 Index Drops to 3-Month Low; Delta Financial Falls

  Bloomberg - Nov. 9 (Bloomberg) -- The Russell 2000 Index of small U.S. companies fell to the lowest in three months, paced by a decline in Delta Financial Corp. after the subprime mortgage lender said it expects bad loans to increase. Delta Financial lost more ...
  2007-11-09 09:14:00

• Fannie Mae profit ravaged by loan market

  CNN Money - feed://rss.cnn.com/rss/money_news_companies.rss ... Mae's profits dropped by more than half in the first nine months of the year, to $1.5 billion, as credit losses and mortgage ...
  2007-11-09 07:12:00

• Wachovia to allocate $600M for loan losses

  CNN Money - feed://rss.cnn.com/rss/money_news_companies.rss ... Wachovia has an additional $2.1 billion of exposure to more traditional subprime mortgage-backed bonds. The value of those ...
  2007-11-09 07:12:00

• Fannie Mae loss doubles, sees deeper housing slump

  Boston Globe - Shares of Fannie Mae and Freddie Mac , the second-largest U.S. mortgage finance company, tumbled to cap a bruising week for the companies which have been shaken by an ailing housing sector, credit worries and fresh government scrutiny. Near ...
  2007-11-09 09:57:00

• Bank Debt Risk Jumps on Wachovia Loss, Barclays Speculation

  Bloomberg - Collateralized debt obligations, bonds based on underlying securities including mortgage-backed notes, are triggering further losses for financial companies. Standard & Poor's said yesterday that a CDO managed by State Street Corp. began liquidating ...
  2007-11-09 09:43:00

• McClatchy decreases value of its papers

  Baltimore Sun - The federal regulator who oversees Fannie Mae and Freddie Mac accused New York's attorney general yesterday of overstating risks the mortgage finance companies face from faulty home appraisals. James B. Lockhart, director of the Office of Federal ...
  2007-11-09 04:21:00

• UPDATE 1-Wachovia, Capital One say credit conditions worsen

  Reuters - Wachovia paid $24.2 billion last year for Golden West Financial Corp, a big California mortgage lender. Wachovia joined a growing list of financial companies -- including Citigroup Inc (C.N: Quote , Profile , Research ), Merrill Lynch & Co Inc (MER.N: ...
  2007-11-09 08:02:00

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